§ MR. BOWERMAN (Deptford)To ask the Secretary to the Treasury if he will state what are the present terms for borrowing money by local authorities from the Public Works Loans Commissioners for purposes of the Housing of the Working Classes Acts, 1890 to 1903.
§ MR. STEADMAN (Finsbury, Central)To ask the Secretary to the Treasury what are the terms under which the Public Works Loans Commissioners are at present lending money to local authorities for the purposes of the Housing of the Working Classes Acts, 1890 to 1903.
(Answered, by Mr. Hobhouse.) Loans to local authorities under the Housing Acts are sanctioned by the Local Government Board and secured on the rates, and are repayable either by equal half-yearly instalments of principal with interest on the outstanding balance or by way of annuity. The rates of interest are: 3½ per cent. per annum if repayable in not exceeding thirty years; 3¾ per cent. per annum if repayable in not exceeding fifty years.